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"I applied for a loan with Friendly Finance and had the money I needed within the day. The application process was super quick and the money was a life-saver.",
Samantha - Melbourne
"I had trouble with part of the application process and reached out to support for advice. I received a quick reply and it resolved the issue. Thanks."
Kelly - Syndey
"Found me the loan I was looking for. I Couldn’t have asked for more."
Mark - Newcastle
$300 - $2,000
20% Upfront establishment fee
Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.
$2,001 - $4,600
13 months / 24 months
48% annual percantage rate / 67.41% comparison rate p.a.
Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principle Amount) + $400 (Establishment Fee) + $1,379.06 (reducing interest) = $4,779.06 total repayable over 18 months with weekly installments of $61.27.
$5,000 - $15,000
13 months / 24 months
21.24% annual percantage rate / 48% comparison rate p.a.
Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principle Amount) + $5,577.12 (Interest) = $15,577.12 total repayable over 24 months with weekly installments of $149.78.
Short-term loans are loans with a principal ranging between $200 – $2000, with repayment terms between 16 days and 12 months. Repayment typically involves a direct debit from a borrower’s bank account, or a deduction from their pay. Lenders who offer short-term loans are required by law to display a warning that provides other borrowing options than a short-term loan.
Consumers facing a cash shortfall between paydays may consider taking out a short-term loan, as they provide relatively fast access to cash. This might be done if the borrower doesn’t have a credit card or overdraft facilities, or any other fast access to funds. Short-term loans are a relatively expensive solution, however, so the decision to take out a short-term loan should include close assessment of all fees, charges, and interest costs involved.
The majority of short-term loans available in the market can be applied for online. There are still a number of store-front lenders throughout Australia where consumers can apply in person. The application process tends to vary depending on the lender, although most lenders online provide similar functionality to select the loan amounts and repayment terms. Lenders may also ask applicants to input their credit rating which may affect the amount of interest applied to the loan. Applicants will need to provide the following information: